XML 68 R37.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Note 8 - Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2019
Reinsurance Disclosures [Abstract]  
Effects of Reinsurance [Table Text Block]
The effect of all of our reinsurance programs on our net income is as follows:
 
Year Ended December 31,
(In thousands)
2019
 
2018
 
2017
Net premiums written—insurance:
 
 
 
 
 
Direct
$
1,132,338

 
$
1,089,720

 
$
1,032,735

Assumed
10,379

(1)
6,901

(1)
25

Ceded (2) 
(56,132
)
 
(98,314
)
 
(214,343
)
Net premiums written—insurance
$
1,086,585

 
$
998,307

 
$
818,417

Net premiums earned—insurance:
 
 
 
 
 
Direct
$
1,244,870

 
$
1,074,298


$
990,016

Assumed
10,382

(1)
6,904

(1)
28

Ceded (2) 
(109,903
)
 
(67,195
)
 
(57,271
)
Net premiums earned—insurance
$
1,145,349

 
$
1,014,007

 
$
932,773

 
 
 
 
 
 
Ceding commissions earned (3) 
$
48,659

 
$
33,446

 
$
26,896

Ceded losses
5,859

 
5,086

 
3,261


______________________
(1)
Includes premiums earned from our participation in certain credit risk transfer programs.
(2)
Net of profit commission.
(3)
Deferred ceding commissions of $74.8 million and $91.4 million are included in other liabilities on our consolidated balance sheets at December 31, 2019 and 2018, respectively.
Schedule of Collateralized Reinsurance Agreements [Table Text Block]
 
Eagle Re 2019-1 (Issued April 2019)
(In millions)

 
 
 
 
 
 
As of December 31, 2019
Policy In-force Dates
Initial RIF
 
Initial Coverage
 
First Layer Retention
 
RIF
 
Remaining Coverage
 
First Layer Retention
Jan 1, 2018-Dec 31, 2018
$
10,705

 
$
562

 
$
268

 
$
8,409

 
$
487

 
$
267

 
Eagle Re 2018-1 (Issued November 2018)
(In millions)

 
 
 
 
 
 
As of December 31, 2019
Policy In-force Dates
Initial RIF
 
Initial Coverage (1) 
 
First Layer Retention
 
RIF
 
Remaining Coverage (1) 
 
First Layer Retention
Jan 1, 2017-Dec 31, 2017
$
9,109

 
$
434

 
$
205

 
$
7,026

 
$
343

 
$
204

______________________
(1)
Excludes a separate excess-of-loss reinsurance agreement entered into by Radian Guaranty that initially provided up to $21.4 million of coverage.
Schedule of VIE Assets [Table Text Block] The following table presents the total assets of the Eagle Re Issuers as of the dates indicated.
 
Total VIE Assets and Liabilities (1)
 
Year Ended December 31,
(In thousands)
2019
 
2018
Eagle Re 2018-1
$
357,005

 
$
434,034

Eagle Re 2019-1
508,449

 
—

Total
$
865,454

 
$
434,034

______________________
(1)
Assets held by the Eagle Re Issuers are required to be invested in U.S. government money market funds, cash or U.S. Treasury securities. Liabilities of Eagle Re Issuers consist of their mortgage insurance-linked notes, as described above.